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20�100�7� 6. Proparty Insurance. 50 {ong as the Owners Associatian maintains, wikh a generally accepted insurance carrier, a"master" or "blankeY' policy insuring the Property which is satisfactary to Lender and which provides insurance coverage in the amounts (including deductible levels), for the periods, and against loss by fire, hazards included within the term "extended coverage," and any other hazards, including, but not limited to, earthquakes and floods, for which Lender requires insurance, then: (i) Lender waives the pravision in Section 3 for the Periodic Payment to Lender of the yearly premium installments for property insurance on the PropeRy; and (ii) Borrower's obligation under Section 5 to maintain property insurance coverage nn the Property is deemed satisfied to the extent that the required coverage is provided by the Owners Association policy. What Lender requires as a condition of this waivercan change during thP term af the loan. Borrower shall give Lender prompt notice of any lapse in required property insurance coverage provided by the master nr blanket policy. In the event of a distribution of property insurance proceeds in lieu of restoration or repair following a lass to the Property, or to common areas and facilities of the PUD, any proceeds payable to Borrower are hereby assigned and shall be paid to Lender. Lender shall apply the proceeds to the sums secured by the Security Ins#rument, whether ar not then due, with the excess, if any, paid to Borrower. C. Public Liability Insurance. Borrower shall take such actions as may be reasonable to insure that the Owners Assaciatian maintains a public liability insurance policy acceptable in form, amount, and extent of coverage to Lender. D. Condemnation. The proceeds of any award or claim for damages, direct or consequential, payable to Borrower in connection with any condemnatian or other taking nf all or any part of the Property or the common areas and facilities af the PUD, or for any conveyance in Geu of condemnation, are hereby assigned and shall be paid ta Lender. Such proceeds shall be applied by Lender to the sums seeured by the Security Instrument as provided in Section 11. E. Lender's Prior Consent. Borrower shall not, except after notice to Lender and with Lender's priar written consent, either partition or subdivide the Praperty or consent to: (i) the abandonment or kermination of the PUD, except for abandonment or termination required by law in the case of suhstantial destruction by fire nr other casualty or in the case of a taking by condemnation or eminent domain; (ii) any amendment to any provision of the "Constituent Documents" if the provision is for the express benefit af Lender, (iii) termination of professional management and assumption of self-management of the Owners Association; or (iv) any action which would have the effect caf rendering th� public liability insurance caverage maintained by the Owners Association unacceptable to Lender. MULTISTAT� PUD RIDER - Single Family - Fannie Mae/Freddie U IF M INSTRUMENT VMP �-7R (0811) Page 2 of4 Initials: F'orm 3150 U01 DDS-007 f��iii ��ii iiih �if�i ��ii�i i�� i�iii �ii� hii� ii�� iii� iiiii iiiii i�u i�M